After a bit of cleanup work on the existing belly-band, it didn't look too bad. It's secure against the body, so I decided to take the easy and cheap way out. I will remove the mess of silicone caulk and remove, stretch and reinstall the black strip. Since a previous owner caulked all along the top of the belly-band, I must assume there was a leak somewhere. So I will add a bead of clear Acrylic caulk to the top of the belly-band. Thanks for all suggestions. If you think I missed something please advise.